About 304 Stainless Steel
304 stainless steel is widely used across various industry verticals. This is majorly known for its composition that includes 18 percent chromium, and 8 percent nickel. 304-grade stainless steel has good forming and welding properties as well as strong corrosion resistance and strength. It has good durability, it can easily be formed into a variety of shapes. 304-grade stainless steel's major applications are the food industry. It is majorly suited for brewing, milk processing, and winemaking. this grade steel is majorly also found in sinks, tabletops, coffee pots, utensils, and other appliances. It has the ability to withstand corrosion that can be caused by a variety of various chemicals found in fruits, meat, and milk.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market in new regions by adopting mergers & acquisitions, expansions, investments, new solution launches, and collaborations as their strategies. Key players are exploring new areas through expansions and acquisitions across the world to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global 304 Stainless Steel market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ArcelorMittal (Luxembourg), Acerinox (Spain), AK Steel (United States), Knight Precision Wire (United Kingdom), Lenntech (The Netherlands), Michlin Metals Inc. (United States), Nippon Steel Corp. (Japan), POSCO (South Korea), Rolled Metal Products (United States) and Sandmeyer Steel (Pennsylvania) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Thyssenkrupp (Germany), United Performance Metals (United States) and Yieh Corp. (Taiwan).
Segmentation Overview
AMA Research has segmented the market of Global 304 Stainless Steel market by , Application (Chemical Industry, Food Industry, Domestic Uses, Architectural Uses, Industrial Uses, Automotive and Aerospace Industry, Hospitals, Commercial Industry and Others) and Region.
On the basis of geography, the market of 304 Stainless Steel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Supplied Form, the sub-segment i.e. Sheet will boost the 304 Stainless Steel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Grade, the sub-segment i.e. 304L Stainless Steel will boost the 304 Stainless Steel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Adoption from Mining Industry
Market Growth Drivers:
Growing Demand for Flat Products Because of the Increase in Consumption of Cold Rolled Products and Increase in Stainless Steel Production and Growing Application in Pre-Engineered Buildings
Challenges:
High Cost Associated with Product Manufacturing such as 304 Stainless Steel Pipe
Restraints:
Negative Impact on Market Because of Increase in Economy Trade War and Fluctuation in the Price of Raw Materials
Opportunities:
Rapid Development in Cooking Appliances and High Growth in Food Industry
Market Leaders and their expansionary development strategies
In June 2022, A new additive manufacturing facility was announced by United Performance Metals. Stainless steel, nickel, and titanium build plates, which are touted to be adaptable to any size or machine, are offered by the new additive manufacturing center. From managing feedstock supplies to producing final parts, UPM offers complete supply chain solutions for the market of additive manufacturing. The business also provides wire EDM build plate removal along with closed-loop refurbishing of pre-existing build plates through extra milling and grinding.
In the Year 2019, Triangle Fastener Corporation announced the launch of the 304 stainless steel Bi-Metal Pancake Head Screw. This product is engineered to deliver superior corrosion resistance. Through this initiative, the company announced the enhancement of its product portfolio and become more competitive in this industry.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, 304 Stainless Steel Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.